Description

The global LED lighting market is peojected to expand at a CAGR of 10.73% over the forecast period to grow to US$101.900 billion by 2024 from US$55.282 billion in 2018. The growing focus on reducing power consumption globally is significantly driving the demand for LED lighting solutions. The recent reduction in the prices of LED lighting products along with the simultaneous rise in the disposable income is projected to boost the adoption of LED lighting solutions globally during the forecast period. Furthermore, the rising shift from traditional lighting to modern lighting solutions coupled with the stringent regulations regarding the use of conventional lighting and energy consumption is anticipated to augment the LED lighting market growth in the coming years. In addition, technological advancements such as smart LEDs are further expected to increase the demand for these energy saving solutions.

The market has been segmented on the basis of installation type, products, end user, and geography. By installation type, retrofit is expected to grow significantly owing to the rising adoption of energy efficient LED lamps. By end user, the commercial sub-segment is expected to hold a substantial share on account of the wide application of LEDs in offices, malls, retail stores, etc.

Geographically, Asia Pacific is anticipated to witness significant growth owing to the rising disposable income in the rapidly growing economies of India and China coupled with the rising infrastructure activities in the region. Simultaneously, North America is also projected to grow at a notable rate owing to the increasing R&D activities for energy efficient solutions.

DRIVERS

Growing preference for energy efficient lighting solutions.

Burgeoning investment in smart cities.

RESTRAINTS

Development of other alternative lighting solutions.

Lack of awareness.

INDUSTRY UPDATE

In May 2019, Acuity Brands Inc. launched WINLINE 500 a series of luminaires from Winona which uses eldoLED.

In September 2018, Cree Inc., launched XLamp eTone LEDs, a breakthrough set of chips onboard LEDs.

In December 2017, Cree, Inc. launched XLamp XD16 LED, an extreme density LED